If this is your first visit, be sure to
check out the FAQ by clicking the
link above. You may have to register
before you can post: click the register link above to proceed. To start viewing messages,
select the forum that you want to visit from the selection below.

Nope, they're right. If your credit wasn't great or you couldn't come up with a lot to put down people could end up with rates that high back then. There was also a lot of owner financing back then, when it's that expensive to get a mortgage people get creative.